The organizations behind Martinsville’s longtime business incubator are transitioning tenants out of the West Piedmont Business Development Center while working to develop a new model for supporting small businesses and entrepreneurs.
The Martinsville-Henry County Chamber of Commerce’s Partnership for Economic Growth (C-PEG), the City of Martinsville and the Martinsville Economic Development Authority (EDA) announced the transition in a joint statement, citing the city’s financial challenges and the EDA’s limited resources.
As part of the change, C-PEG is helping businesses relocate from the West Piedmont Business Development Center, also known as the Incubator Building, at 22 E. Church St.
According to the release, many of the building’s 18 tenants were on month-to-month leases and have already secured new locations. C-PEG said it is continuing to assist four tenants that are still searching for office space.
Through partnerships with two local property owners, affected businesses have the option to move into designated spaces without additional rent or utility costs.
Ownership of the building was transferred to the Martinsville Economic Development Authority a little more than a year ago, while C-PEG continued managing the property. Before that, C-PEG had managed the facility for more than a decade under an agreement with the city.
Over the years, the incubator has helped launch a number of local businesses and nonprofits, including Solid Stone Fabrics, Connect Health + Wellness, OakStone Health & Nutrition and Olive Tree Counseling.
“This decision was not made lightly,” said Jay Dickens, president of the C-PEG Board of Directors. “The city and C-PEG remain committed to supporting uptown growth and economic vitality. We understand that changes like this can create challenges for business owners, and we appreciate the professionalism, patience, and cooperation shown as we work through this transition.”
While the current arrangement is ending, officials said they remain committed to business incubation.
The city, EDA and C-PEG said they are working together to identify and develop a new space and a new approach to supporting startups and entrepreneurs through shared workspaces, technical assistance and other business resources.
“C-PEG remains committed to supporting small business growth in Martinsville and Henry County and will continue working with the community to explore new ways to strengthen and expand the incubator concept moving forward,” Executive Director Brenell Thomas said.
